Thinking about buying a home

[KanoasDestiny]

I am absolutely in love with a friend's home, and lucky me, they want to sell it. I'd be a first time buyer, so I don't really know if I should go with a mortgage company or with a bank. Does anyone have any advice or experiences that they'd like to share? My husband and I would be most grateful! We already know that we qualify for more than my friend wants to sell to us for.

We're thinking about maybe going with Countrywide?

 

[minimama]

I believe Countrywide just got bought. And it does nto matter whether you go with a bank loan or a mortgage company loan. The loan will get sold, most of teh time before you even make your first payment and it could get sold to anyone. Don't let that scare you, it happens to almost everyone that buys a home and it not a big deal. It won't change the terms of your loan or your payment.

Go with who ever you can get the best deal with. That will set the terms of your loan and that is what is important.

 

[Filipowicz Farm]

See if this helps any?

http://homebuying.about.com/od/mortgagefacts/

 

[kaykay]

IMO you are much better off to go with a bank then a mortgage company. So many of these mortgage companies make a lot of promises they cant keep just to get you to sign. You have to be really careful. I know some people that have had nightmare dealings with countrywide so I would stay away from that one

Kay

 

[Bess Kelly]

Countrywide is now owned by Bank of America. Had several mortgages with them, including current.

Yep, that website is now "red/white/blue" instead of the green I'm used to!

The Lending Tree obtains mtg offers from several to offer you -- competition is good. If you belong to or have a credit union in your area, they are often very good with terms, rates and expense to close.

This is definately a great time to buy!!! Go for it.

 

[Hosscrazy]

How exciting for you!!!! I've been with Countrywide (now BofA) and Wells Fargo in the past - I'm sure you'll find good rates and hopefully will be able to buy this house!

Liz R.

 

[coopermini]

We are in the construction business and from the customers we have dealt with over the past 30 years Go with a local bank or even credit union if you can. Especially one you have been banking with if possible. Where ever you go have the details checked out before you sign so you know exactly what the terms are. What is written and what you are told can be very different.

 

[Littleum]

Where ever you go have the details checked out before you sign so you know exactly what the terms are. What is written and what you are told can be very different.

We hired an attorney for our purchase & close. It is not usually how it's done down here in TX (lawyering up is common on the coasts) but we were very glad we did, especially with all the mortgage scandals going about at the time. Everything we got from the bank, agents, city ect we just passed to him. We'd read it too but heck, what do we know of real estate law? He would read it and tell us the cliff notes version of what it said.

Some problems cropped up and we were VERY glad to already have legal council to advise us. The sellers were also glad. The real estate agent who tried to sneak in a double dip of her commissions was not so glad when we caught the subtle language of a paticular clause.

That wasn't the only issue, but it was one where having the attorney was especially helpful as we did not know what our rights & obligations were. If she had insisted "that's how it's done, I'm representing both sides of the deal, so I get paid both ways" we would have believed her- to the tune of several thousand dollars.

When some pieces of crucial paperwork didn't arrive when they needed to, we sent in the lawyer. It was rather amusing to watch reactions. Angry customer calls griping about something? Whatever. Put them off and get lunch. Subsquent ice-toned phone call from angry customer's lawyer? Lunch cancelled.

Part of the problem is just knowing the right questions to ask- they don't teach you this stuff in school. And there's a lot of stuff that if you don't ask, you don't get told!

 

[HGFarm]

I agree with Littleum!!! Have an attorney go through the paperwork! I know many who have really gotten the short end of the stick by the legalese of paperwork crap on things!!! There are too many scams and nasty things going on, especially now when people are desperate, and you could really end up with a raw deal, simply by not understanding the fine print or what the terms REALLY say and mean!

I can't recommend this suggestion enough!!

 

[KanoasDestiny]

Thank you for your replies. Luckily, these people are like second parents to me, so they're willing to work with us, and they're giving us a good deal on the place (hopefully...with today's market, you never know!). I think we're going to spend the next couple of months talking to people and finding out who's going to be best for our needs, while we save for the down/closing costs (expensive!). We currently bank with Chase (formally Wamu) and we also have a credit union. I was kind of scared that dealing with a bank would be less personal, but maybe it would be safer. There's so much to consider because this is a life long decision. I'm excited and anxious, yet worried. Lol.

 

[Littleum]

Hire the attorney anyway. And not because you don't trust the sellers! Our sellers were great. They worked with us 100%.

Your lender is going to send you TONS of paperwork. And tell you to sign tons of stuff. And there will be estimates and surveys and escrow to deal with and all this other stuff.

Little things come up. Example? We had to have a survey done. Survey comes back with an encroachment and doesn't match the survey from 12 years ago which doesn't show the encroachment. Yikes! You instantly start thinking "What's my liability here? What do I do? Is this going to bite us in the butt in a year?"

Another example... the roof had been repaired several years prior and upon inspection, it was discovered the shingles were defective. We were closing in 2 weeks and this was a potential deal breaker. The sellers were leaving the country the day after close. It was an insurance repair, so we had to go to the insurance company. You can imagine what kind of giant mess that was, and not because the sellers were being jerks. The solution was a bit complicated so everyone was very happy there was a lawyer kicking around to draw all that up.

 

[LittleRibbie]

I think our loan has been sold about 4 times in the last 10 yrs. Think Countryside has it again. I would go w/bank ( If you can find one that will write the loan ) and pay attention to Littleum and get an attorney. ALWAYS HAVE AN ATT. IMO. Banks around me are not writing any loans for homes so your lucky if you can. Hope you get the house of your dreams!!